Again, CBN Lifts Forex Supply With $180m

Buoyed by the successes recorded in its latest foreign exchange intervention strategy, the Central Bank of Nigeria (CBN) on Monday, March 20, 2017 offered another $180 million.
This was to meet genuine bids for wholesale auction and includes $80 requests for such invisibles as medicals, school fees and personal travel allowances, through the inter-bank window.
Isaac Okoroafor, Acting Director, Corporate Communications Department of the CBN, who confirmed the development, said the wholesale requests will be settled on Tuesday, March 21, 2017, a move expected to further strengthen the Naira against other major foreign currencies in the days to come.
This is expected to further help the Naira’s continue its gaining streak as it appreciated to N440/$, from N445/N450 on Friday, just as the Sterling and Euro sold at N530 and N465.
Okoroafor assured that the CBN had so far met all legitimate demands from genuine customers, he reiterated that the apex bank would ensure sustainable forex liquidity and transparency in the process to enable as many customers as possible get access to the foreign exchange they genuinely demand.
He therefore advised eligible individuals with genuine foreign currency needs to freely approach their banks and authorised dealers with their request, stressing that the CBN had made adequate provisions of foreign currency for all such legitimate purposes.
Okorafor further advised legitimate customers to approach the CBN with their complaints should they be unfairly denied access.

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